$1.6M ln Bitcoin Auctioned Off in US: Will Bitcoin Price Increase?

[davis196]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.


Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase


Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

I don`t think that this auction is going to have any impact over bitcoin price.

It`s just too small amount of bitcoins.

Can`t they just sell the bitcoins at market price.There`s no need of auction.

 

[BitHodler]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.


Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase


Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

I don`t think that this auction is going to have any impact over bitcoin price.

It`s just too small amount of bitcoins.

Can`t they just sell the bitcoins at market price.There`s no need of auction.

 

It's indeed much easier for them to just sell the coins at a certain exchange, but no, that's not how it works.

Everything that gets confiscated must be put up for auction to the highest bidder. That's the only way to go for them.

[Red-Apple]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.


Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase


Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

I don`t think that this auction is going to have any impact over bitcoin price.

It`s just too small amount of bitcoins.

Can`t they just sell the bitcoins at market price.There`s no need of auction.

 

It's indeed much easier for them to just sell the coins at a certain exchange, but no, that's not how it works.

Everything that gets confiscated must be put up for auction to the highest bidder. That's the only way to go for them.

i think by "they" he means the person who wins the auction and takes the coins home. and i agree with him, there is no way they can sell these coins on an exchange this easily. especially in an auction the price may even go higher than the current price of bitcoin because of bids.

[BitHodler]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.


Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase


Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

I don`t think that this auction is going to have any impact over bitcoin price.

It`s just too small amount of bitcoins.

Can`t they just sell the bitcoins at market price.There`s no need of auction.

 

It's indeed much easier for them to just sell the coins at a certain exchange, but no, that's not how it works.

Everything that gets confiscated must be put up for auction to the highest bidder. That's the only way to go for them.

i think by "they" he means the person who wins the auction and takes the coins home. and i agree with him, there is no way they can sell these coins on an exchange this easily. especially in an auction the price may even go higher than the current price of bitcoin because of bids.

Read the bolded part again, he is talking about that there is no need to put up the $1.6 million worth of coins for auction when you can simply sell them via an exchange. And not about the winners of this auction.

[lexuz]

This amount is too little to make an impact on the bitcoin price so the buyer will choose to hold that coins then he try to dump a price because he know that amount will not affect anything.

[n691309]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.

Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase

Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

I saw this auction and the rules are very strictly which means that the coins will be sold only to one buyer so these will be send to only one bitcoin addresses and the minimum deposit is 100k USD, I think the price will decreased a bit if the winner decide to sell a part of them.

Yeah i seen this too and there is some strange and strict rules imposed on the bidders.

Why would they only want to send the coins to one address and only within one block, is this a normal type of request for auctioned coins or is there another reason behind it?
Can it be a multi sig address?

As I remember there was an bitcoin auction before this but didn't check how it went. Anyway about this auction there are 8 days left until the winner is chosen by them so I'm really excited to see if the bitcoin price is going up or down, the last one is more likely.

[xJuturna]

Well it really depends on what the auction winner does with the coins. More thank likely they'll hold them for a bit, at least I would assume. As it stands now, looks to me like bitcoin is creeping back up to where it was prior to the Bitfinex hack (albeit slowly). So to answer your question, yes but it won't have anything to do with the auction.


I do find it mighty nice of the gov to sell those coins off instead of letting them rot or holding on to them for a bit and auctioning them off when their inevitably going to be worth more 

[oceanriver]

This amount is too little to make an impact on the bitcoin price so the buyer will choose to hold that coins then he try to dump a price because he know that amount will not affect anything.

of course that is not enough the bitcoin price can be moved only if the dump or pump is really big and such amount is not huge at all

[Shiroslullaby]

I guess it depends on what the buyer does with them?
If they buy them and dump them quickly to make a profit it might move the price downwards slightly.
If they just sit on them, probably nothing will happen to the price.

[swogerino]

With just over a week left until this auction takes place...
is anyone from here going to bid on them?

[QuestionAuthority]

I love govt car auctions. They take some seriously bad assed cars away from people. There are different agencies that do auctions like the GSA, Treasury and Marshall/police. By law, none of them are allowed to sell the items directly. I think those laws are meant to keep corrupt govt officials from taking things away from people just to sell. It makes sense if you think about it. You're not going to go confiscate an expensive car if you may just have to sell it for $100. 

[richardsNY]

With just over a week left until this auction takes place...
is anyone from here going to bid on them?

Not very likely. That aside, don't think many people would openly admit they are winner of a coin auction unless they either don't care, or are a company. From what I know Tim Draper openly shared information about him having won a few blocks of coins in the previous auctions.

[Yakamoto]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.


Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase


Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

We could technically expect to see a price decrease because of the seller potentially selling the Bitcoin off, but ti depends whether or not they sell it immediately due to buying the Bitcoin at market value or if they buy it at a higher value and sell it later. It depends on how aggressive the participants want to be, and a good part of this is related to speculation.

[HaXX0R1337]

I think that we can see a slight rise of btc price, because still, this is a lot of bitcoins.
However i would not expect any big moves thanks to it, this is not THAT big amount.

[starpro]

I hope the price of bitcoin is going to increase and I think that is going to help the ecosystem of bitcoins price.

[JeffBrad12]

This amount is too little to make an impact on the bitcoin price so the buyer will choose to hold that coins then he try to dump a price because he know that amount will not affect anything.

Okay but compared with the amount is lost on the bitfinex it's just 2.2658333333 % from total amount of the bitfinex and the bitfinex cases just giving a short impact for the price. it's means nothings.

[Decoded]

This is barely anything compared to the amount stolen from bitfinex. I assure you that if the price goes down sharply, it's not this causing it but the hackers trying to pawn off their coins.

[pooya87]

Totalling around 2719 BTC in one block, the Bitcoin comes from various sources connected to both criminal and civil cases. The auction will be online on August 22, 2016 from 8AM EDT to 2PM EDT according to the USMS in a statement.

Source : https://cointelegraph.com/news/16mln-bitcoin-auctioned-off-in-us-will-bitcoin-price-increase
Shouldn't we except a price decrease instead , I guess It's what happened in the last Silk road auction ?

this is cointelegraph and like many other crappy news sites they will publish anything with a hot subject to do a little bit of click bait.
in fact they went the other way, they usually say price drop in cases like this.
and i think we shouldn't really expect that much change because of this auction, there were bigger auctions in the past and they didn't change that much about the price.

[Zitdadast]

I cant see a bigmovement coming from such a small amount. People dump 2k coins into the market all the time with small movement. You just need to remember the overall trend is up so that is where this is going.

[Adar Korin]

I cant see a bigmovement coming from such a small amount. People dump 2k coins into the market all the time with small movement. You just need to remember the overall trend is up so that is where this is going.

I hadn't realised people would trade such amounts on a day to day basis, they must be early miners playing the markets to keep the price stable perhaps?  They wouldn't trade all of those in one session though, would they?